New research by Philippine Business Coalition for Women Empowerment (PBCWE) reveals that women form only 40 percent of executive leadership teams in Publicly Listed Companies in Philippines. The research emphasises on concrete gender targets as well.

The business world is a dynamic place where things change every second and has traditionally been known to be a man’s area of work. However, in the recent decades women are overcoming this myth and attaining success in all sorts of sectors that were being called male-dominated earlier.

Various well-established companies have females in their board of directors, setting an example for everyone in the corporate world to bring change in the society. But little did the world know, women are still somewhat struggling to gain equality in their workplace. One cannot deny that female representation has improved in the recent years but challenges persists and it might take several decades to make people understand that women play a significant role on balancing the economy of the country.

Inclusivity and diversity in workplace are important and women are nowadays, trying their best to uplift and showcase their skills. These women are leading some of the top companies by taking up leadership roles.

Women’s Leadership in Philippines

Philippine Business Coalition for Women Empowerment (PBCWE) has released research entitled as ‘Census on Women in Leadership Roles in Philippine Publicly Listed Companies’. This research shows that women take up executive leadership teams’ (ELT) 40% only, amongst all the companies that was mentioned on Philippine Stock Exchange from 2020-2022.

PBCWE research also highlighted the critical role of gender diversity in the corporate leadership landscape of the country. Considering the census (2020-2022), women occupy ELTs’ two-fifths in publicly listed companies (PLCs), having female chief executive officers’ (CEOs) numbers witnessing a gradual increase.

Moreover, numerous women working in ELTs are still occupying functional or support roles, as per the census. The data in the census reports an improvement in female representation in line or operational roles. Also, there has been a rise in the number of women in the boards of directors of companies i.e., 21% (2022). However, female CEOs remain underrepresented with 13%.

Census Data

Emphasising on concrete gender targets, the census mentions that only 2% of large firms have specific gender diversity targets while small and medium-sized firms have none, even after some progress in diversity. Majority of the organisations carry broad diversity policies that has to be complemented by concrete targets intending to be measured and achieved.

PBCWE's Governing Council Chairperson and Philippine Women's Economic Network’s founding chairperson and president, Aurora Geotina-Garcia stated, “’The Census on Women in Leadership Roles in Philippine Publicly Listed Companies' is more than just a report; it's a call to action for the Philippine business community to embrace gender equality as a driver of sustainable growth. This study is a vital resource for organizations committed to strengthening gender equality in the workplace.”

Females in corporate boardrooms comprehend only 1% a year, as per Aurora. Adding to her statement she indicated towards two schools of thought on increasing representation i.e., (a) women representation should be made mandatory by regulators and (b) make women representation voluntary.

Referring to the Association of Southeast Asian Nations, she mentioned, “Ideally, the desired representation of women in boards should be around 30 percent. We have countries who've actually imposed quotas, including Malaysia, which is [a member of] Asean, and countries like France.”

On the other hand, if quotas for gender diversity is being imposed by regulators, then organisations would carry the inclination towards recruiting females, deliberately and intentionally or these companies would put their wives/daughters in their ELTs.

Conclusion

Aurora Geotina-Garcia also said, “It doesn't necessarily follow that if you put a female relative on the board, that they're incompetent. So, the understanding should be that, yes, you put them on the board to meet the quota, with the assumption that they have the ability to contribute to the board.”

Another approach can be making this voluntary. However, the increase rate will become slower if it becomes voluntary and will require a lot of efforts and time as well, before gender equality in the workplace happens.

She added, “In my view, make it mandatory but not penalize them immediately. Give them time to comply. And then eventually, they don't consciously and intentionally say that when we start looking for board members, we should also deliberately have a goal of [hiring] women.”

In order to make women take part in the corporate, companies need to instil gender targets which can turn things in the favour of women and they can be encouraged to foray into this world.